Null hypothesis

Characteristic root

Trace statistics (p. value )

-max statistics (p. value)

There are 0 cointegration relations

0.1770

4.841466 (0.5622)

18.44280 (0.6564)

There are 1 cointegration relations

0.1024

1.331289 (0.5611)

3.531692 (0.6062)

There are 2 cointegration relations

0.0192

1.0880 (0.2969)

1.0880 (0.2969)